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Evergrande crisis

Latest news and analysis about the China Evergrande Group, the world’s most indebted property developer. Fears are rising about Evergrande’s ability to repay its cascading pile of debt against the backdrop of muted property sales in mainland China and efforts by Beijing to rein in the property sector in the past year.

last updated:

26 August, 2024

Sheraton and Four Points by Sheraton Tung Chung, with more than 1,200 rooms, is the second-largest hotel complex in the city by room inventory. Photo: Handout

Hong Kong property

Shimao slashes Hong Kong hotel price by 25% to speed up restructuring

Mainland Chinese developer is asking HK$4.5 billion (US$579 million) for the asset, down from HK$6 billion in March 2023, according to a source.

24 Dec 2024 - 1:47PM

China property

Evergrande founder Hui Ka-yan’s spending restricted by Guangzhou court

27 Nov 2024 - 3:25PM

Hong Kong property

Chinese tycoon offloads 9 Hong Kong luxury flats at half price in fire sale

26 Nov 2024 - 11:09AM

Accounting and auditing

China urges audit firm PwC to strictly abide by rules and regulations

China’s vice-finance minister met PwC’s chief in Beijing following a hefty fine and suspension handed to the firm’s mainland unit over auditing failures at Evergrande.

30 Sep 2024 - 7:57PMvideocam

PwC Zhong Tian, the China unit of the accounting firm, was handed a record fine of 441 million yuan on September 16. Photo: AP Photo

China property

Country Garden Services sells stake in a mall operator for US$447 million

The stake – about 108 million shares in Zhuhai Wanda – will be acquired by Dalian Wanda and a related party, Zhuhai Wanying.

25 Sep 2024 - 2:31PM

China property

China’s Sino-Ocean gets liquidation reprieve amid ‘some progress’ on debt

Hong Kong court adjourns hearing until December 23 as developer plans parallel restructuring efforts in the city and the UK.

23 Sep 2024 - 2:00PM

China property

Chinese developer SRE ordered to sell stake in Shanghai venture to repay banks

The action comes after units of SRE failed to pay 4.45 billion yuan (US$627 million) in debts, the company said in a Hong Kong filing.

19 Sep 2024 - 4:16PMvideocam

The Shanghai Financial Court action is the latest judicial intervention as creditors seek to force distressed Chinese developers to pay their debts. Image: Shutterstock

China property

Kaisa shares surge as much as 42% as creditors support debt workout scheme

Investors holding more than 75 per cent of its defaulted debts have agreed to support its restructuring terms, filing shows.

17 Sep 2024 - 4:46PMvideocam

Accounting and auditing

China slaps PwC with record US$62.2 million fine, 6-month ban

Beijing wants to send a strong message to auditors about their role as gatekeeper, Hong Kong lawmaker Edmund Wong says.

13 Sep 2024 - 6:26PMvideocam

Banking & finance

China probes Evergrande-linked wealth manager Hywin for illegal fundraising

Two suspects surnamed Han and Wang have been detained for illegal fundraising, Fengxian’s public security bureau said in a statement.

11 Sep 2024 - 9:40PMvideocam

Accounting and auditing

Struggling Country Garden drops PwC amid turmoil in China property sector

Country Garden drops PwC as its auditor, in another setback for the firm that has lost more than 50 clients this year.

6 Sep 2024 - 12:25PM

Hong Kong property

Cash-rich buyers make most of Hong Kong’s Peak distress amid 50% price slump

Distressed sales in Hong Kong’s luxury property market have driven prices down by as much as 50 per cent, with opportunistic buyers snapping up bargains, Savills says.

2 Sep 2024 - 10:02AM

China property

China Vanke reports first interim loss in two decades as home sales plunge

The loss came in 9.4 per cent higher than the top of a range the company defined in a warning last month as home sales plunged nearly 38 per cent.

30 Aug 2024 - 9:00PM

China property

Shimao’s losses widen 90% as China’s property slump shows no recovery in sight

Shanghai-based Shimao posted an interim loss of 22.7 billion yuan (US$3.2 billion) compared with 12 billion yuan a year earlier. Peers Kaisa, Fantasia and Sunac also struggled with poor home sales.

30 Aug 2024 - 11:25AMvideocam

Liquidation hearing against Shimao has been adjourned until December 16 as the troubled developer tries to gain creditors’ support for its restructuring proposal. Photo: Bloomberg

Accounting and auditing

Late resignations tarnish Hong Kong auditors’ credibility, regulator says

The regulator received a record 190 complaints for the financial year ended March 31 and carried out 77 investigations.

28 Aug 2024 - 8:15PM

Last-minute resignations and failure to recognise potential problems are the two major issues affecting auditors’ credibility in Hong Kong. Photo: Sam Tsang

Banking & finance

Liu Jin resigns as Bank of China’s president for ‘personal reason’

The move came as a surprise as Liu, born in 1967, has yet to reach the official retirement age of 60 years for men.

26 Aug 2024 - 4:59PM

China property

Chinese builder Yuzhou seeks debt restructuring recognition in US

Move aims to ward off litigation as indebted developer goes through restructuring in Hong Kong and the Cayman Islands.

25 Aug 2024 - 3:38PM

China property

Chinese developers, cities tempt homebuyers with creative perks

‘Developers cannot cut sales prices freely, so they offer more valuable incentives which serve as de facto discounts,’ an analyst says.

25 Aug 2024 - 9:24PM

A China Vanke residential project under construction in Nanjing, Jiangsu province, China, on March 12, 2024. Photo: Getty Images

China property

Debt-laden Kaisa warns of wider losses, echoing China’s property crisis

The developer’s weak report card is likely to resemble those of most mainland Chinese developers, which are expected to extend a losing streak dating to 2020.

22 Aug 2024 - 3:40PMvideocam

Accounting and auditing

PwC China unit faces record fine, 6-month ban for Evergrande audit failures

PwC’s mainland unit could face a 500 million yuan (US$70 million) fine and a six-month ban on business for its failure in the audit of bankrupt developer China Evergrande Group, sources say.

22 Aug 2024 - 5:30PMvideocam

China property

Hong Kong site formerly owned by Chinese developer put up for tender

The sale comes a week after the chairman of distressed developer Agile Group, Chen Zhuolin, sold a Kowloon Tong flat for less than half the price paid six years ago.

20 Aug 2024 - 10:28PM

A view of the Quarry Bay area and buildings in Taikoo Place from above Mount Parker Road in Quarry Bay, Hong Kong. Photo: Handout

China Evergrande Group

Bankruptcy proceeding against Evergrande unit to proceed, liquidators say

Bankruptcy filing against Kailong Real Estate was accepted by a Guangzhou court, according to a statement to the Hong Kong stock exchange.

19 Aug 2024 - 9:00PM

A file photo shows Evergrande residential buildings under construction in Guangzhou, in China’s southern Guangdong province, on July 18, 2022. Photo: AFP

China property

Chinese developer R&F defaults on US$147 million bond interest payments

Guangzhou-based developer said it is in discussions with the holders of the notes for an ‘amicable solution’.

12 Aug 2024 - 10:06PMvideocam

China Evergrande Group

Evergrande shares to stay suspended as liquidators see no path to restructuring

Without a substantial new investment, the collapsed developer will not be able to resume trading amid its massive debt and other challenges.

10 Aug 2024 - 6:29PMvideocam

China property

Evergrande liquidators sue PwC for ‘negligence and misrepresentation’ in audit

PwC, former auditor of the collapsed developer China Evergrande Group, is facing legal action from the liquidators of the company, the latest setback for the accounting firm.

7 Aug 2024 - 7:47PMvideocam

A woman walks through a deserted Evergrande commercial complex in Beijing in July 2024. Photo: AP Photo

China Evergrande Group

Evergrande NEV’s creditors seek bankruptcy proceedings for carmaker’s 2 units

The bankruptcy petition filed in the local provincial courts on Friday could have a material impact on production and operations, according to an exchange filing.

29 Jul 2024 - 4:31PMvideocam

Evergrande NEV’s Hengchi 1 electric vehicle is displayed at the Shanghai car show in April 2021. The carmaker is mired in financial trouble. Photo: Bloomberg

Millionaires and billionaires

China, Hong Kong pools of ultra-rich shrink, Asia’s wealth engine cools: Altrata

The number of ultra-wealthy individuals in China fell for the second straight year in 2023 as a sluggish economy and a deepening real-estate downturn took their toll.

24 Jul 2024 - 8:52PM

Accounting and auditing

Hong Kong and mainland China team up on investigating PwC’s audits of Evergrande

China’s Ministry of Finance and Hong Kong’s audit regulators have been assisting each other in their respective investigations of PwC’s audit work of China Evergrande Group.

11 Jul 2024 - 6:20PM

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